The cryptocurrency market turned broadly positive, with Bitcoin climbing above USD 89,000 and Ethereum reclaiming the USD 3,000 mark. Bitcoin and Ethereum were trading at USD 90,225 and USD 3,047, respectively, on Monday.
Over the past 24 hours, Bitcoin and Ethereum rose by 2.88% and 3.69%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano gained over 3%, while Hyperliquid slipped 0.51% during the same period.
Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin reclaiming key moving averages is a strong signal that momentum is returning to the crypto market. After weeks of consolidation, BTC’s move above the 20-day EMA and its test of the 50-day EMA suggest that bulls are gradually regaining control.
Sehgal added that with only a few days left in 2025, Bitcoin needs a modest 6% rally to end the year in positive territory. Overall sentiment remains cautiously bullish, pending confirmation of a breakout above key resistance levels.
Over the past week, Bitcoin and Ethereum gained 1.34% and 0.27%, respectively. Among major altcoins, BNB, Solana, Cardano and Hyperliquid rose over 4%, while XRP, Tron and Dogecoin declined more than 3%. The global cryptocurrency market capitalisation edged down 2.47% to USD 3.05 trillion, according to CoinMarketCap.
Akshat Siddhant, Lead Quant Analyst at Mudrex, said that after a weekend pullback, Bitcoin is once again attempting to break resistance at USD 90,000. He added that the USD 93,300 level remains a key threshold for Bitcoin to close the year on a strong note.
“With the US dollar heading towards its weakest annual performance in a decade, capital rotation into alternative assets such as crypto is expected. Currently trading near USD 89,000, BTC faces resistance at USD 91,700, while USD 85,000 continues to act as strong support,” Siddhant said.
BTC rose 1.5% due to a short squeeze after consolidation. Thin liquidity amplified the upside move, while steady spot buying added momentum, pushing BTC above key resistance levels towards USD 89,000.
Some profit-booking may emerge near the USD 89,000 zone as short-term traders lock in gains. For now, immediate support lies between USD 88,000 and USD 88,300, while resistance remains in the USD 89,500–90,000 range.
Bitcoin signals positive near-term movement, supported by favourable macro factors that could influence crypto prices in the coming weeks. A potential Russia–Ukraine peace agreement could ease fiscal pressure in the EU region. Lower geopolitical risks may trigger short-term altcoin rallies and inflows into Bitcoin.
However, if the Federal Reserve maintains a restrictive stance on rate cuts, the crypto market could enter a consolidation phase.